Macro oils short-term outlook: May 2024
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Report summary
Table of contents
- 2 June OPEC+ meeting
- Global Supply: minor changes to the outlook as market ponders early June OPEC+ outcome
- Non-OPEC supply: downgrades across North America, Europe and Africa drive changes this month
- Lower 48 annual oil production growth forecast to slow to 250,000 b/d in 2024
- Private operators in the Rockies have added 300,000 b/d of new supply since January 2021
- OPEC: OPEC+ production cuts continue in Q2
- Global demand: Ongoing recovery in global manufacturing supports a distillate rebound this year
- Liquids demand by key markets
- Global outlook for 2025
- Risks to the outlook
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What's included
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